Correlation Between Coeur Mining and ImmuPharma PLC
Can any of the company-specific risk be diversified away by investing in both Coeur Mining and ImmuPharma PLC at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Coeur Mining and ImmuPharma PLC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coeur Mining and ImmuPharma PLC, you can compare the effects of market volatilities on Coeur Mining and ImmuPharma PLC and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Coeur Mining with a short position of ImmuPharma PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coeur Mining and ImmuPharma PLC.
Diversification Opportunities for Coeur Mining and ImmuPharma PLC
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Coeur and ImmuPharma is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Coeur Mining and ImmuPharma PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmuPharma PLC and Coeur Mining is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Coeur Mining are associated (or correlated) with ImmuPharma PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmuPharma PLC has no effect on the direction of Coeur Mining i.e., Coeur Mining and ImmuPharma PLC go up and down completely randomly.
Pair Corralation between Coeur Mining and ImmuPharma PLC
Assuming the 90 days trading horizon Coeur Mining is expected to generate 13.5 times less return on investment than ImmuPharma PLC. But when comparing it to its historical volatility, Coeur Mining is 4.22 times less risky than ImmuPharma PLC. It trades about 0.02 of its potential returns per unit of risk. ImmuPharma PLC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 181.00 in ImmuPharma PLC on October 26, 2024 and sell it today you would earn a total of 179.00 from holding ImmuPharma PLC or generate 98.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.43% |
| Values | Daily Returns |
Coeur Mining vs. ImmuPharma PLC
Performance |
| Timeline |
| Coeur Mining |
| ImmuPharma PLC |
Coeur Mining and ImmuPharma PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coeur Mining and ImmuPharma PLC
The main advantage of trading using opposite Coeur Mining and ImmuPharma PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coeur Mining position performs unexpectedly, ImmuPharma PLC can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in ImmuPharma PLC will offset losses from the drop in ImmuPharma PLC's long position.| Coeur Mining vs. Rosslyn Data Technologies | Coeur Mining vs. UNIQA Insurance Group | Coeur Mining vs. Wizz Air Holdings | Coeur Mining vs. Silver Bullet Data |
| ImmuPharma PLC vs. Beowulf Mining | ImmuPharma PLC vs. Coeur Mining | ImmuPharma PLC vs. Atalaya Mining | ImmuPharma PLC vs. Metals Exploration Plc |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |